BlockChain

Private Competition for Blockchain

CryptoCollapse [BitCoin from $20,000 USD in January to $7,000 in April] allows oxygen to reach the multitudes of potential BlockChain applications currently in process. BlockChain will dominate this space. However, there are alternatives offering Distributed Ledger Technologies.

Hashgraph is the product of a company called Swirlds. They licence a “permissioned” distributed ledger platform. A Private ledger, not a public system like Blockchain. On top of their platform, organizations build their own specific app to accomplish their unique purpose.

If these assertions are correct, hashgraph obsolesces blockchain before the latter really got started because it is faster, consumes a lot less electricity, has more robust security – especially against distributed denial of service attacks – and provides “fair” access.

LK Comments:

“Hashgraph is superior to blockchain in many ways but at this stage it is still a proprietary technology and will probably become very popular where private blockchains are implemented. Although elegant, it is still unproven in practical applications as yet. Bitcoin is a single-purpose application built on a blockchain designed for public access which in turn requires the proof-of-work algorithm that burns so much energy, unlike hashgraph. Ethereum is different in that today it is similar to bitcoin, but it is in transition to a multi application blockchain (smart contracts) that will be based on a proof-of-stake algorithm. (By the way, 51% of crypto mining is done in china… interesting geographically considering the only legal currency in china is the renminbi)

Last comment is that there are many approaches out there started long ago whose purposes have been to create a bulletproof peer to peer distributed processing networks to replace the hierarchical solutions that exist today. We are only now becoming aware of it because of the publicity and rapid increase in the price of bitcoin. The technology behind all this is powerful and complex.”